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Finland: Wärtsilä builds LNG terminal in Hamina Port
Author:Mariusz Dasiewicz
Wärtsilä, a leading technology group within the Baltic Sea, reported that it secured the financing of the construction of a new LNG terminal in the Finnish Port Hamina. The company also obtained necessary construction permits. According to the plan, the investment is to be put into service in 2020.
On May 17, the Wärtsilä Group announced that it had concluded an agreement to finance the construction of the LNG terminal from Skandinaviska Enskilda Banken and Finnvera. It is a company owned by the Finnish State Treasury, specialising in the financing of investments.
The construction of the LNG terminal in Port Hamina will cost about EUR 100 million. In this project, Wärtsilä is responsible for the supply of engineering elements and technologies and the construction of the terminal. Furthermore, the group will be a minority shareholder in Hamina LNG through its subsidiary Wärtsilä Development and Financial Services (WDFS) Oy, to which the newly built terminal will belong. The main shareholders of this company are Finnish Hamina Energy Ltd and Estonian energy group Alexela.
As Wärtsilä stated, the first step will be to build a 30 thousand m3 LNG tank. A further reservoir of 20,000 m3 is to be built later. The Finnish company informed that the ground work had been completed according to the schedule and the construction works had already begun.
In view of the global demand for LNG, the technology for handling and storing this fuel is developing. The Finnish Wärtsilä Group provides solutions that are implemented by energy companies on each section of the gas supply chain. The technologies developed by the group are used in the initial processes of exploration and drilling, production and liquefaction of natural gas as well as transport to warehouses and distribution and final transmission facilities to customers.
"The new LNG terminal in Hamina will be an important addition to the already existing gas infrastructure, as it will supply gas for companies and shipping business, as well as power the Hamina Energy gas distribution network. The terminal will be able to be connected to the gas network of Finland. We appreciate the wide competence of Wärtsilä in the field of LNG engineering, which enabled us to launch the project according to the schedule," said Marku Tommiska, Chairman of the Management Board of Hamina Energy Ltd.
– Wärtsilä plays a leading role in comprehensive LNG systems that enable environmental and economic sustainability. The Hamina project is the third LNG terminal in Finland, which Wärtsilä participates in. The other two terminals are Manga Tornio and Raahe. This shows that our company is strong in project development and management," added Alexandre Eykerman Vice President for LNG systems Wärtsilä Energy Systems from the Wärtsilä Group.
Wärtsilä is the world's leading provider of complete energy solutions for the shipbuilding and energy industries. By focusing on technical innovation and energy efficiency optimization, Wärtsilä enables its customers to increase the economic efficiency of their installations and ships, while reducing their environmental impact. In 2017, Wärtsilä recorded EUR 4.9 billion in sales revenue and generated a net profit of EUR 590 million. Currently, the company employs over 18,000 employees.
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